Banking & finance
Schroder, Bruno (11 of 13) National Life Stories: City Lives
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1992 to 1994
Is part of (Collection)
Interviewee's office, London
Schroder, Bruno, 1933-, (speaker, male)
Courtney, Cathy, 1954- (speaker, female)
Part 11 (tape 6 side B): Occasionally BS and Gobi Mallinckrodt haven't agreed but have always managed to resolve this. BS's tactics for blocking David Airlie over developments he didn't want, delaying tactics as polite way of saying no. BS's role in bank - became non-executive director and did charity side of Schroders and watched what was going on; takes views on major issues. BS has negative effect on bank policy, defensive role to prevent anything too stupid happening. BS needn't strictly speaking have been full-time at bank. Details of taking advice from Hayworth Talbot[ph] on tax problems during Gordon Richardson's time, BS needing to block some of the advice in order that the family didn't lose fundamental control of bank. BS determined that sister and self should retain key position, didn't want to risk being absent from bank and losing power. Details of day to day activity at bank, eg got interested in airport finance. Had no duties officially at bank. Found bank like a magnet, feels totally at home in bank, can ask to see any papers he wants. If sees something as real problem will go and argue his case. Ben Strickland, former finance director, would keep BS informed. Gobi Mallinckrodt wonderful complement to Win Bischoff - details. International expansion of Schroders. 270 staff in Schroders when merged with Helbert Wagg, who had about 70 or 80. Firm now ten times bigger. Is recognised and accepted that family has control but family doesn't interfere, argues on basis of merit of argument, people working in bank know they won't be interfered with on day to day basis. Two family members working in bank along with 3,600 others so can only be involved to limited extent. Employees know that bank unlikely to be taken over because family maintain control (BS touches wood when says bank won't be taken over). Essential that family continues to get on well together and doesn't fall under too great financial pressure. Corporate finance and investment management departments have expanded. Began Schroder Leasing, companies abroad also expanded. Slimmed down unprofitable securities side - details. Effect of Big Bang on Schroders. British Aluminium battle as precedent. [Interview 3rd March 1994]Â
Interview with Bruno Schroder, non-executive director of Schroders.